Modification and Termination of Covenants

Can a home onwers association members amend and even terminate the covenants? This is what my CC&R says. Any advice? And sorry for the long post.
Each restriction and covenant contained in this Declaration may be amended, modified, or terminated upon approval of the requisite number of members and by the filing of a recorded instrument executed by the HOA or its successor or assigns. So long as class B membership exists, approval of 67% of the combined total votes of class A and B membership shall be required to amend modify or terminate these restrictions and covenants. After the end of Declarant's control, and the elimination of Class B membership, approval of a majority of the eligible voters shall be required to amend, modify or terminate these restrictions and covenants.

Does this mean that we can terminate/disband the HOA? and what is a class A and B membership. I live in Houston and would like some feedback on this as I might serve in the board of directors in the near future. Thanks.

Thanks for your reply Harold. Yes we have common areas, we have two lakes which I would call retension basins, two parks one at the very entrance of the community and the other at the other entrance. So we as homeowners can terminate the HOA requiring the majority of votes? And who would maintain the common areas if the HOA is disbanded? This is confusing as we have the right to amend and even terminate the CC & R's.

Somewhere in your CC&R's it should spell out how to terminate the covenants, it is not an easy process or everybody would do it when they got upset over something the HOA did or didn't do. If your HOA is incorporated you would also have to dismantle the corporation. This is from a condo HOA in Ohio: (Notice the words UNANIMOUS VOTE)

§ 11.1 Removal - The Unit Owners, by unanimous vote, may elect to remove the Condominium Property from the provisions of Chapter 5311, Ohio Revised Code. In the event of such election, all liens and encumbrances, except taxes and assessments not then due and payable, upon all or any parts of the Condominium Property, shall be paid, released, or discharged, and a certificate setting forth that such election was made shall be filed with the Recorder of County, Ohio and by him recorded. Such certificate shall be signed by the President of the Board of Trustees of the Association, who shall certify therein under oath that all liens and encumbrances, except taxes and assessments not then due and payable, upon all or any part of the Common Elements have been paid, released, or discharged, and shall also be signed by all of the Unit Owners, each of whom shall certify therein under oath that all such liens and encumbrances on his Unit or Units have been paid, released or discharged.

§ 14.5 Termination - Upon the removal of the Condominium Property from the provisions of Chapter 5311, all covenants and other rights, benefits, privileges, impositions and obligations declared herein to run with the land or any ownership interest or interest therein shall terminate, except as to all easements which shall survive in all respects.